India's Coromandel International rises on expansion plan approval

Coromandel International

23/03/2023 04:46

** Shares of Coromandel International Ltd  CORF.NS  rise as
much as ~3% to 892.50 rupees
    ** Fertiliser maker says it will expand its operations in
crop protection chemicals and enter into contract development
and manufacturing organisation business
    ** Board approves plan to diversify into new growth areas,
namely speciality and industrial chemicals
    ** Co plans to invest 10 billion rupees ($121.5 million)
over the next two years in these businesses, says Executive Vice
Chairman Arun Alagappan 
    ** More than 380,000 shares traded as of 10:05 a.m. IST,
1.5x their 30-day moving avg
    ** Out of 10 brokerages, 9 rate the stock "buy" or higher
and 1 "hold"; their median PT is 1180 rupees - Refinitiv data
    ** CORF has fallen 0.35% so far this year


($1 = 82.2925 Indian rupees)

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))